Jack Bogle, who based Vanguard Group, an investing juggernaut now with greater than $5.1 trillion in belongings below administration, and created the world’s first index mutual fund, has died. He was 89. CNBC studies:

Bogle handed away on Wednesday in Bryn Mawr, Pennsylvania, based on a press release from Vanguard.

Bogle, who preached purchase and maintain investing, was thought of one of many world’s best buyers. His index mutual fund enabled buyers to attain excessive returns however at decrease prices than for actively managed funds.

He based Vanguard, the world’s largest mutual fund group, in 1975, and later served as chairman and CEO till 1996. Vanguard now manages belongings from greater than 20 million buyers in about 170 international locations.